amount of revenue to be recognized by the seller

On May 10, 2020, Splish Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the full contract price of $2,080 on July 15, 2020. The cost of the goods is $1,330. Splish delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Splish related to this contract. Either party may terminate the contract without compensation until one of the parties performs. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date                                                            enter an account title to record contract entered into enter a debit amount enter a credit amount   enter an account title to record contract entered into enter a debit amount…

On May 10, 2020, Marigold Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the full contract price of $1,890 on July 15, 2020. The cost of the goods is $1,170. Marigold delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Marigold related to this contract. Either party may terminate the contract without compensation until one of the parties performs. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date                                                           May 10, 2020Jun. 15, 2020Jul. 15, 2020 enter an account title to record contract entered into enter a debit amount enter a credit amount   enter an account title to record…

On November 1, 2021, Sunland Farm entered into a contract to buy a $144000 harvester from John Deere. The contract required Sunland Farm to pay $144000 in advance on November 1, 2021. The harvester (cost of $104000) was delivered on November 30, 2021. The journal entry to record the contract on November 1, 2021 includes a credit to Sales Revenue for $144000. debit to Unearned Sales Revenue for $144000. credit to Unearned Sales Revenue for $144000. credit to Accounts Receivable for $144000.

On October 2, 2020, a company enters into a contract to transfer a product to the customer. It is agreed that the customer will pay the full price of $105,000 in advance on October 9, 2020. The customer pays on October 9, 2020, and company delivers the product on October 19, 2020. The company should make the journal entry to record cost of goods sold on which date of October: _______ (enter the date only).

On October 5, 2020, a company enters into a contract to transfer a product to the customer. It is agreed that the customer will pay the full price of $50,000 in advance on October 10, 2020. The customer pays on October 10, 2020, and company delivers the product on October 26, 2020. When will the (seller) company make its first journal entry related to the above? Choose from 5, 10, and 26, and enter the date only.

On May 1, 2020, Splish Company enters into a contract to transfer a product to Eric Company on September 30, 2020. It is agreed that Eric will pay the full price of $ 23,680 in advance on June 15, 2020. Eric pays on June 15, 2020, and Splish delivers the product on September 30, 2020. Prepare the journal entries required for Splish in 2020.

On May 1, 2020, Mount Company enters into a contract to transfer a product to Eric Company on September 30, 2020. It is agreed that Eric will pay the full price of $25,000 in advance on June 15, 2020. Eric pays on June 15, 2020, and Mount delivers the product on September 30, 2020. Prepare the journal entries required for Mount in 2020.

On November 1, 2021, Sheridan Farm entered into a contract to buy a $155000 harvester from John Deere. The contract required Sheridan Farm to pay $155000 in advance on November 1, 2021. The harvester (cost of $115000) was delivered on November 30, 2021. The journal entry to record the delivery of the equipment includes a credit to Cost of Goods Sold for $115000. debit to Unearned Sales Revenue for $155000. debit to Inventory for $115000. credit to Unearned Sales Revenue for $155000.

On January 1, 2019, Fulton Inc. enters into a contract with Gibson to deliver goods. Gibson pays $100,000 at the time the contract is signed, at which time the goods are transferred and Fulton’s performance obligation is complete. In addition, Gibson agrees to pay Fulton $100,000 on December 31, 2019, and December 31, 2020. If Fulton entered into a financing arrangement with Gibson it would charge an interest rate of 9%. Please assist with the journal entries. Thank you!      There are 8 journal entries in all.